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Zim inflation rises to 3.38%

Nov 19 2012 09:12 Malcom Sharara, Fin24’s correspondent in Zimbabwe

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Harare -Zimbabwe's October inflation rose 0.14 percentage points to 3.38% after having decelerated for the past three months.

The downward trend in inflation was attributed to fluctuations in real demand for goods and services largely because of the low disposable incomes among the majority of the public.

Last month, the main upward pressure on the rate came from transport after the September fuel price increase, with smaller upward contributions from food and non-alcoholic beverages, alcohol, tobacco and clothing - footwear.

Generally because of the tight liquidity situation, there is an across-the-board weakness in consumer spending; however, as we move towards the end of the year major retailers will stock up with imported items heading towards the festive season.

This increases imported inflation, especially when the rand is strengthening.

The year-on-year food and non-alcoholic beverages inflation stood at 5.20%, while non-food inflation stood at 2.58%.
However, the month-on-month (m/m) inflation rate in October was 0.26%, shedding 0.20 percentage points on the September rate of 0.46%.

The m/m food and non-alcoholic beverages inflation stood at 0.46% in October, shedding 0.62 percentage points on the September 2012 rate of 1.08%. M/m non-food inflation stood at 0.17%, dropping 0.02 percentage points on the September rate of 0.19%.

Consumer price index for October stood at 102.63, compared to 102.36 in September 2012 and 99.28 in October last year.
 
zimbabawe  |  economy
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